EY set to take over as auditor for SIG

EY is understood to have been the only Big Four firm to have pitched for the contract to audit SIGRex Features

SIG will name EY as its auditor after shareholders sacked Deloitte last month in an almost unprecedented vote.

EY is understood to have been the only Big Four firm to have pitched for the audit contract, which is worth about £1.6 million a year. Smaller firms including BDO also tendered for the work.

The Financial Reporting Council is understood to have called on SIG executives to seriously consider firms outside the Big Four.

Deloitte was removed as auditor of the insulation and exteriors business after it emerged that the company had been overstating its profits. About 78 per cent of investors voted against the reappointment of Deloitte at its annual meeting last month.

SIG, which has its headquarters in Sheffield, had discovered that its 2016…

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